Global reinsurer Swiss Re has today launched a new Centre of Competence for Renewable Energy, bringing together the giant reinsurance balance-sheet of the firm with focused expertise to deliver products to help clients manage their renewable energy portfolios.
Swiss Re’s new Centre of Competence for Renewable Energy will be run by the reinsurers’ engineering, marine and property underwriting teams.
By combining the Swiss Re expertise and balance sheet into a dedicated team focused on the renewables sector, the company hopes to expand its risk product offering to this important and growing segment.
The Centre is already supporting Swiss Re clients in the offshore and onshore wind and solar technologies space and there are plans to expand the remit to support other technologies delivering renewable energy in the future.
Leading the new Centre of Competence are Swiss Re’s Co-Heads of Renewable Energy, Michele Cibrario and Miguel Senac.
The goal is to “stand shoulder-to-shoulder with clients to manage risks through the energy transition,” delivering the efficient capacity of the reinsurer alongside the cutting-edge knowledge of dedicated teams within Swiss Re.
With renewable power supplies set to grow by as much in the next five years as it did in the last twenty, this is a rapidly expanding opportunity for the insurance and reinsurance market.
However, Swiss Re believes the landscape is complex and changing fast, with new technology, climate change and large, complex projects leaving gaps in risk knowledge and underwriting data, while the rapid evolution of storage and distribution technology makes life challenging for operators.
As a result, the new Centre of Competence for Renewable Energy brings together Swiss Re’s engineering, marine and property underwriting expertise to deliver capacity and solutions to help in the provision of comprehensive multi-line insurance product offerings that support the development of new technologies in this space.
The Centre of Competence acts as a co-ordination and expertise team, so it works alongside clients existing Swiss Re underwriting partners.
